Bitcoin (BTC) Price Today Trades at $66,890, Why is BTC Sliding?

Bitcoin (BTC) price today trades at $67,207.0 as of 11 AM. BTC price hit a daily high of $67,538.0 today after sliding 1.24% on October 24.

Bitcoin (BTC) price today trades at $67,207.0 as of 11 AM. BTC price hit a daily high of $67,538.0 today after sliding 1.24% on October 24.

However, BTC price dropped 0.04% today and currently auctions around $66,890 on October 24, 2024. Since the weekend rally, BTC has been on a downtrend and continues to shed as investors sell. Although there was a brief rally to $67,600 in the late New York trading session, the overall trend remains bearish.

Short-Term Bitcoin Price Performance Is Bearish

*bitcoin price updated as of 11 AM.

Price of BTC trades at $66,990, bringing the year-to-date gain from 56% on October 20 to 52% as of October 24. Although many altcoins have shot up in excess of triple digits, Bitcoin has yet to do the same. Ethereum price’s YTD performance stands at 7.13% and is well below BTC.

Although Bitcoin is the largest cryptocurrency by market capitalization, Bitcoin’s popularity is attributed to its first-mover advantage and its being a secure, decentralized network. Moreover, many narratives like digital gold, inflation hedge, uncorrelated asset, have kept BTC at the forefront of the crypto market since its inception in 2009.

Bullish Historical Bitcoin Price Action to Continue in Q4, 2024

As Bitcoin price continues its seven-month consolidation, investors need to focus on diminishing YTD returns for BTC that has dropped from 56% on October 20 to 52% as of this writing. Investors can expect this number to remain uncertain in the short term. However, the first of November could bring with it massive volatility due to the conclusion of the US presidential elections. Many industry veterans speculate that cryptocurrencies will likely rally regardless of who wins the elections. Nevertheless, if the bull run kickstarts in November, investors can expect a new ATH by December and Bitcoin’s market capitalization, which stands at $1,327.3 billion, to push toward the $2 trillion mark.

This confidence is attributed to the fact that Bitcoin is currently in the fourth quarter, which is the most bullish phase throughout the year.

Bitcoin: The Largest Cryptocurrency

Together with Ethereum, the duo constitutes nearly 70% of the total cryptocurrency market capitalization, which stands at $2.40 trillion. Out of that, Bitcoin’s market cap stands at $1,327.3 billion, significantly higher than Ethereum’s $314 billion.

Despite the seven-month consolidation, Bitcoin’s $1.3 trillion market cap continues to best best popular cryptos like Solana (SOL) and Ripple (XRP), whose market capitalization hovers around $78 billion and $30 billion.

BTC Trading Volume

The short-term outlook for BTC is bearish, but Wednesday’s late New York session rally promises a potential pullback to the upside. A closer look at BTC’s trading volume shows that it is $37.1 billion, and most of this is contributed by Binance, one of the largest cryptocurrency exchanges. This platform alone contributes about 11% to the spot trading volume and nearly 41% to the perpetual trading volume. Other exchanges, like OKX, Bitget, etc, follow Binance.

Major Bitcoin Upgrades

With a market cap of $1.3 trillion, it is crucial for the network to remain secure, decentralized, and scalable. This is achieved by upgrading the Bitcoin network on a regular basis.

Here are some notable upgrades the Bitcoin network has received or planned to receive since its inception in 2009.

Bitcoin Network Upgrades Since 2009

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